esure Group plc 2017 Q1 Trading Update (1070E)

TIDMESUR

RNS Number : 1070E

esure Group plc

04 May 2017

4 May 2017

esure Group plc - Trading update for the three months to 31 March 2017

A strong start to 2017

Trading update

 
                                   2017    2016   Q1 2017 
                                     Q1      Q1     vs Q1 
                                                     2016 
 Gross written premiums (GBPm)    187.4   151.0    +24.1% 
    Motor                         166.3   128.9    +29.0% 
    Home                           21.1    22.1    (4.5)% 
 In-force policies (millions)     2.222   2.036     +9.1% 
    Motor                         1.679   1.459    +15.1% 
    Home                          0.543   0.577    (5.9)% 
 Additional services revenues 
  (GBPm)                           28.2    25.4    +11.0% 
 

Stuart Vann, Chief Executive Officer of esure Group plc, commented:

"We have made a strong start to 2017, with trading in Motor particularly pleasing. Our strategic initiatives are performing well and provide us with great opportunities and confidence to deliver our growth ambition of 3 million policies by 2020.

"In Motor, along with the market, we have started to increase pricing in response to the change in the Ogden discount rate and continued our growth momentum. In Home, the market remains challenging and we continue to temper our growth as we do not believe current market conditions provide opportunities for profitable growth. However, the Home portfolio continues to deliver a positive contribution to the Group.

"Overall, we have started 2017 better than we expected and we are firmly on track to deliver results at the more positive end of the 2017 guidance we issued at the time of our 2016 full year results in March."

For further information:

 
 Chris Wensley                           Chris Barrie/Grant 
  Head of Investor Relations              Ringshaw 
  & Corporate Strategy                    Citigate Dewe Rogerson 
  t: 01737 641324                         t: 0207 638 9571 
  e: [e-mail]    e: [e-mail] 
 

About esure Group plc

esure Group plc ("the Group") is an efficient, customer-focused personal lines insurer, founded in 2000 by Chairman, Sir Peter Wood, Britain's foremost general insurance entrepreneur. The Group is one of the UK's leading providers of Motor and Home insurance products through the esure and Sheilas' Wheels brands.

Important information

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on 3 July 2016.

The esure Group plc LEI number is 213800KOI3F5LM54PT80.

Forward looking statements

Certain statements made in this announcement are forward-looking statements. Such statements are based on current expectations and assumptions and are subject to a number of known and unknown risks and uncertainties that may cause actual results, performance or achievements of the Group or industry results to differ materially from any future events, results, performance or achievements expressed or implied by such forward-looking statements. Persons receiving this announcement should not place undue reliance on any forward-looking statements. Unless otherwise required by applicable law, regulation or accounting standard, the Group disclaims any obligation or undertaking to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

This information is provided by RNS

The company news service from the London Stock Exchange

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May 04, 2017 02:00 ET (06:00 GMT)